(CNN) -- A gunman looking for someone he believed owed him money took and released hostages in Valparaiso, Indiana, before fatally shooting himself, authorities said Friday.

The unidentified suspect, who had two gunshot wounds to his head, died Friday evening, said Valparaiso Police Sgt. Michael Grennes.

Mayor Jon Costas said a man from the area went to the Prudential office building, which included a real estate business, to find someone who allegedly owed him money. The person was not there, and the man pulled out a handgun.

Arriving officers engaged in a brief exchange of gunfire with the suspect, police said, and the standoff began.

Grennes declined to give the number of hostages, but said they were released over several hours. Earlier, Grennes said there were fewer than 10 people in the building.

The gunman remained barricaded in the building after the last hostages were released. Police swarmed in about 4:30 p.m. after hearing the gunshots, Grennes said.

One female employee was treated and released for a head injury received from the suspect, police said. The injury was not the result of a gunshot.

CNN iReporter Scott Kleckner said he saw a SWAT team and helicopters in the area.

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